Legal Question in Employment Law in Florida

401k

I have had a large drop in income due to slowdown in the housing market and struggling to pay bills and mortgage. I have almost $200,000 in 401k and profit sharing. I am being told that I can't borrow against or cash in unless I leave the company. I am facing possible BK or forclosure. Is there a way to force them to give me those funds without having to leave the company? I am 100% vested.


Asked on 4/16/07, 12:33 pm

1 Answer from Attorneys
Keith Stern Shavitz Law Group

Re: 401k

You should contact your benefits administrator about how, if at all, you can go about converting your vested benefits into an IRA or otherwise selecting (if available) a loan/early distribution which would likely involve some penalty but still give you access to the funds you need.

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Answered on 4/18/07, 12:18 pm


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